With just barely less than a month after announcing that it’s going to adopt cryptocurrency to its platform, Paypal crypto trading went live on Thursday in its customers in the United States.
Paypal even upgraded its weekly transaction limit from $10,000 to $20,000. In its updated announcement, it has informed all its customers that all eligible account holders in the U. S. can now buy, hold, and sell cryptocurrency directly with PayPal.
Paypal CEO Dan Schulman also announced on the Q3 of earnings call that their services will be available globally in the early stage of 2021. He even expressed the company’s support for CBDCs. Paypal’s crypto adoption has boosted the price of Bitcoin to a 5% increase at the time of announcement.
Paypal was also granted the first conditional Bitlicense by the New York State Department of Financial Services (NYDFS). The updated announcement further states :
“NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms,” said Linda A. Lacewell, superintendent, NYDFS. “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”
Since 2015, DFS has only approved 26 entities to engage in virtual currency business activity in New York State, including that of Paypal.
Paypal’s close coordination with regulators will mean that it will operate its crypto services under rigid terms implemented by regulating agencies. But despite this, crypto investors remain enthusiastic over Paypal’s live crypto trading in its platform.